Capri Holdings price target raised to $30 from $28 at Wells Fargo

Wells Fargo raised the firm’s price target on Capri Holdings (CPRI) to $30 from $28 and keeps an Overweight rating on the shares. The firm notes that it upgraded Capri to OW earlier this month and named a Top Pick after the FTC blocked their merger with Tapestry (TPR) – which caused the stock to plummet over 50% after hours. Wells believes there are two significant opportunities for upside here, namely the potential for several hundred bps of margin upside via cost controls/restructurings that the Street is missing, and the potential sale of the Versace brand and what it means to equity holders.